How Much Are Pet Owners Spending?
Money might not be the only way to show love, but it’s certainly a telling one. And boy, do Americans love their pets – enough for 20 percent to go into debt caring for them to the tune of over $1,500 on average.
The findings are part of a survey commissioned by LendEDU (an online financial marketplace), which asked 1,000 adult American pet owners about their financial relationship with their pet.
According to the report, dogs were the most expensive pets, with owners spending an average of $153.08 per month to care for these furry family members. Surprisingly, birds came in second at $127.38 per month followed by cats ($95.11), hamsters ($63.64), reptiles ($56.88) and finally, fish ($30.48).
What are owners spending all that money on? Based on the report, mostly food. In fact, pet food accounts for 55 percent of owners’ monthly pet-related expenditures. The rest is spent on health care (24%), toys/accessories (13%) and miscellaneous (8%).
Another key finding: 46 percent of respondents spend the same or more on their pet’s health as their own. However, a majority of owners (61% say they don’t have health insurance for their pet. Most either think insurance is too expensive (40%) or think their pet doesn’t need it (39%).
Not every way pets impact our financial lives is so easily apparent. The survey also found that 11% of respondents put off having kids or more children because of the cost of a pet. Other big missed milestones include getting married (8%), buying/renting a home (8%) and paying other bills (11%).
The full breakdown of the report and its findings can be found here.